Homebuyers’ and sellers’ expectations are continuing to evolve in how they want to experience closings. Today’s client-centric approach meets them when and where they want, whether in their homes, at work or online. “There is no going back to the way things were done before,” is a common remark from title & escrow professionals this past year, as consumers got a taste for the convenience of digital closing options in the wake of the pandemic.
According to a recent study by ALTA, there has been a 228% increase in title companies offering digital closing services compared to two years ago, where that number stood at 14%. In addition, the use of remote online notarization (RON) by vendors increased across the country by 547% in 2020 compared to 2019.
More choices on when, where and how to close
According to Qualia’s Homebuyer Sentiment Index where more than 1,000 homebuyers were surveyed, 62% of recent homebuyers said they wanted a fully digital closing, yet only 13% of them were able to get one. And when it came to the top things homebuyers value in a closing, survey participants selected: “quick,” “easy,” and “secure.”
A fully digital closing doesn’t mean removing the human element. Homebuyers and sellers still rely on real estate professionals to help guide them through the entire closing process, especially in this competitive real estate market where each participant has to move swiftly. The ability to offer choice when it comes to the closing allows title professionals to accommodate clients no matter where they are and whenever they want to close. Further, it provides flexibility to accommodate last-minute schedule changes easily.
In addition, title & escrow companies can attract and retain investor clients. Fully digital closings are incredibly enticing to investors as they provide a premium closing experience along with a consistent process—where they know what to expect in each transaction.
In order to meet evolving client expectations, real estate businesses must provide a variety of closing options to enable buyers and sellers to close when, how, and where they want to, with no surprises.
Qualia’s expanded options to deliver remote closings
Qualia has also expanded its options to deliver remote closings to meet consumer demand for real-time and multichannel communication. One example is Connect Video Chat that was released during the height of the pandemic. Connect Video Chat gives transaction participants a way to engage securely over video conference. In addition, now in select states, title & escrow companies can also use Qualia RON to provide a fully digital, remote closing experience without leaving their core workflow software, and additional states are being added over the coming months.
Kristin Horne, Chief Operations Officer of Flagship Title, states, “it really saves our team a lot of time by staying on the Qualia platform. With Qualia, you can upload documents, schedule the closing and be ready to go in 5 minutes, as opposed to the 30 minutes it would take if you were using another RON product.”
Interested in exploring this next phase of Qualia Connect?